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Tourism Holdings Limited (NZX: THL) Interim Results FY21

Friday 26th February 2021

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thl reduces net debt to $22M and delivers a record vehicle sales performance amid a challenging rentals environment

* Net debt of $22M as at 31 December 2020, reflecting a reduction of approximately $106M across H1 FY21 and $175M since 24 March 2020.

* Balance sheet strength with net tangible assets at 31 December 2020 of approximately $266M, and $312M including intangible assets.

*We remain committed to becoming a Future-Fit Business.

* An 89% increase in the number of fleet sold and 132% increase in global vehicle sales revenue on the pcp.

* EBIT of $16.6M in the USA business, up 34% on the pcp.

* Statutory net loss after tax of $1.8M and underlying net loss after tax of $3M, down on a statutory/underlying profit of $13.1M in the pcp.

* Total revenue of $205.8M, down 1% on the pcp, driven by the growth in vehicle sales revenue.

* Global rental revenue of $64.8M, down 50% on the pcp.

* Entry into agreement to acquire the remaining 50% interest in Action Manufacturing from joint venture partner for $9 million, payable in $7.5M of thl shares being issued to Alpine Bird Manufacturing, with the remaining $1.5M paid in cash.

* thl digital strategy review completed.

* It remains difficult to provide guidance for FY21 however our expectations remain for a full year FY21 loss as disclosed in our most recent market update.

thl Chair, Rob Campbell, said “thl is has reduced debt significantly, in particular over the last six months, and is positioned well to face uncertainty. The manner in which we operate the business and the decisions we make today are critical to the long-term positioning and success of thl.”

thl Chief Executive, Grant Webster, said “thl has executed on its accelerated vehicle sales plan to deliver total revenue in the first half of FY21 that is approximately equal to the prior period, despite the substantial reduction in rental revenue.

Please see the links below for details:

NZX Media Release

Interim Results Presentation FY21

Chair and CEO Letter

FY21 Interim Financial Statements

Financial Results Announcement (Appendix 1)

NZX Release - thl acquires remaining 50% interest in Action Manufacturing

Source: Tourism Holdings Limited

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